Ch. 613

1997 LAWS OF MARYLAND

11-403.

Unless sooner terminated under other provisions of this title, the registration of
each broker-dealer, agent, investment adviser, and investment adviser representative
AND THE NOTICE FILING OF EACH FEDERAL COVERED ADVISER expires December
31, unless renewed.

11-404.

(a)     (1) The registration of an agent expires when the agent terminates [his] A
connection with a REGISTERED broker-dealer [registered under this subtitle] or with an
issuer.

(2) The registration of an investment adviser representative expires when
the representative terminates [his] A connection with:

(I)      [an] AN investment adviser registered under this subtitle[.]; OR

(II)    A FEDERAL COVERED ADVISER SUBJECT TO NOTICE FILING
UNDER § 11-405(B) OF THIS SUBTITLE.

(b)     (1) When a person who is currently registered as an agent under this subtitle
begins a connection with another broker-dealer or issuer, [he] THE PERSON shall file an
application for initial registration as provided in § 11-405 of this subtitle and shall pay the
[filing fee prescribed] FEE REQUIRED by § 11-407 of this subtitle.

(2) When a person who is currently registered as an investment adviser
representative under this subtitle begins a connection with another investment [adviser,
he] ADVISER OR FEDERAL COVERED ADVISER, THE PERSON shall file an application
for initial registration as provided in § 11-405 of this subtitle and pay the [filing fee
prescribed] FEE REQUIRED by § 11-407 of this subtitle.

(c)     Unless the Commissioner takes action under §§ 11-412 through 11-414 of this
subtitle to deny or suspend the registration, the agent or investment adviser
representative registration shall become effective 30 days after receipt of the application
by the Commissioner and shall continue in effect until it expires under the provisions of
§ 11-403 of this subtitle or under the provisions of this section, whichever would occur
earlier. The Commissioner [shall be empowered to] MAY waive the 30-day period or any
portion of it at [his] THE COMMISSIONER'S discretion.

11-405.

(a) A broker-dealer, agent, investment adviser, or investment adviser
representative may obtain an initial registration by filing with the Commissioner, or any
entity [he] THE COMMISSIONER designates by rule or order, an application together
with a consent to service of process under § 11-802(a) of this title. The application shall
contain whatever information the Commissioner by rule or order requires.

(B) (1) THIS SUBSECTION DOES NOT APPLY TO A FEDERAL COVERED

ADVISER WHO CONDUCTS ADVISORY BUSINESS IN ACCORDANCE WITH § 11-401(B)(2)
OR (3) OF THIS SUBTITLE

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